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guest123
Guest
Hello all, I have a situation here and I am seeking some advice. Back in 2006 a friend of mine was selling his 4x4, it was in good condition and I contacted a financial adviser about arranging funding to buy the 4x4. He sorted me out with a loan from a finance section from a leading bank here. The cost of the 4x4 was 18500 but from the top of my head I think the total of the loan was somewhere in the 20000 mark. The contract is a HP contract. I never missed a payment until this year as I lost my job.
I contacted the bank to inform them and asked would they accept a lower payment until I found work, I thought they accepted the payment but I may have misunderstood their conformation letter. They are still sending me invoices of the full amount and I think they accepted my lower payment as a payment on the arrears.
Recently I went to tax the 4x4 and found out I cant tax it commercial any more, its a long story, the Government made some changes to the tax on my type of 4x4. I sent a letter to the bank thanking them for accepting my lower payment (I thought it was a lower payment on the loan not the arrears at the time of letter) I also notified them of not being able to tax the 4x4 and would it be possible to trade the 4x4 against something of the same value I can tax and use.
Now I have changed my mind and realized I simply cant afford to be driving at the present time. I would like to just hand the 4x4 back to the bank. The bank sent me a recent letter asking me to ring them but I don't want to in case they try and make me change my mind etc.
As it stands now, I am 3 months in arrears, I have made my first payment towards the arrears and the balance on the loan is somewhere around 8000euro.
Is it possible for me to return the 4x4, its still in good condition overall and its easily worth 8000euro but I cant see me being able to sell it myself due to the difficulties in taxing it commercial.
I would like to hand it back and work out some plan on paying whats left over after they sell it.
How do I write the letter?
Thanks.
I contacted the bank to inform them and asked would they accept a lower payment until I found work, I thought they accepted the payment but I may have misunderstood their conformation letter. They are still sending me invoices of the full amount and I think they accepted my lower payment as a payment on the arrears.
Recently I went to tax the 4x4 and found out I cant tax it commercial any more, its a long story, the Government made some changes to the tax on my type of 4x4. I sent a letter to the bank thanking them for accepting my lower payment (I thought it was a lower payment on the loan not the arrears at the time of letter) I also notified them of not being able to tax the 4x4 and would it be possible to trade the 4x4 against something of the same value I can tax and use.
Now I have changed my mind and realized I simply cant afford to be driving at the present time. I would like to just hand the 4x4 back to the bank. The bank sent me a recent letter asking me to ring them but I don't want to in case they try and make me change my mind etc.
As it stands now, I am 3 months in arrears, I have made my first payment towards the arrears and the balance on the loan is somewhere around 8000euro.
Is it possible for me to return the 4x4, its still in good condition overall and its easily worth 8000euro but I cant see me being able to sell it myself due to the difficulties in taxing it commercial.
I would like to hand it back and work out some plan on paying whats left over after they sell it.
How do I write the letter?
Thanks.